Just completed a three-night stay here, on a PR11PN code.
Zurich's post above is hard to disagree with.
As Hilton Diamond I was not offered any upgrade or preferred room.
The lounge is on floor R, which is a mezzanine next to the main restaurant. I hadn't stayed here before but this lounge is nothing special. In fact, there is no keycard entry and I wasn't asked for my room number on entry, so it is in effect a free for all.
There was a good selection of spirits on offer, as well as warm options at dinner (which were very tasty). The lounge has a peaceful ambience but that's about it.
Renovations are continuing between 0900-1700. There was some drilling on my floor but the hotel have taken good steps to minimise the disruption.
Location of the hotel does demand either the use of taxis or being a keen walker (I am the latter). Convenient for Besiktas pier though, there are two terminals here, one to Uskudar and one to Kadikoy. I thoroughly recommend a Bosphorus crossing on the public ferry - at dusk it is a marvellous experience.
My room was a refurbished one - I liked the decor though I'm not sure it's to everyone's taste. I wonder if it will look dated in a few years' time. Air con only works when the window is closed. Good quality bedding, however, and I got a decent sleep each night.
Overall this is a good hotel - but not an excellent one. The lounge move has clearly been to the detriment of the hotel as it has removed what appeared to be a stellar feature.
Not sure this hotel is up to Conrad standards. It feels like a mid- to top-end Hilton.